IndusInd Bank Loan Against Property

Induslnd Bank gives utmost importance to its customer services. The bank aims to be a leader in the market place in terms of productivity, profitability, and efficiency. A loan against property from IndusInd Bank helps customers in meeting all financial needs and allows an individual to take care of personal or business expenses.

IndusInd Bank Loan Against Property Interest Rates and Processing Fees

IndusInd Bank Mortgage Loan	Interest Rates
Floating rate	9.50%

 

IndusInd Bank Loan Against Property ( Floating rates of interest)
Amount	Rate
Upto ? 30 Lakh	9.50%
? 30 Lakh - ? 75,00,000	9.50%
? 75 Lakh - ? 1,00,00,000	9.50%
Above ? 1 Cr	9.50%

Highlights of IndusInd Bank Loan Against Property

Amount of Loan	Up to Rs.20 crore
Eligibility	Salaried/Self-employed
Loan Tenure	Up to 15 yrs
Interest Rate	9.75-15%
Processing Fee	Up to 2% of the loan amt
Prepayment Charges	No part or full payment is permitted within 12 months.                                                                                               For others: 4% of the outstanding loan amount

Features

• Competitive interest rates with maximum loan approval

• A hassle-free and easy documentation process

• Fast approvals

• Balance transfer at a lower interest rate

• Multiple assessment criteria

Co-applicants

• For expanding the eligibility criteria, one can include co-applicants in the loan application.

Interest rate

• The minimum and maximum interest rate for an IndusInd loan against property also depends on the tenure, which is a maximum of 10 years.

Bank ROI

• The minimum rate is 9.95%

• The maximum rate is 15%

• The average is 11.32%

Annual Percentage Rate (APR)

• The minimum rate is 10.05%

• The maximum rate is 15.10%

IndusInd Bank Loan Against Property Schemes

• Loan Against Home: Residential properties can be mortgaged to get a loan against property.

• Loan Against Commercial Property: Commercial properties can also be put under collateral to avail a loan.

• Loan for Commercial Property Purchase: By keeping one commercial property as collateral, an individual can buy another one with the help of the loan availed.

• Funding Against Rentals from the Commercial Property: If a person has rented out a commercial property, then he can take a loan against property against the rented income as well.

• Balance Transfer: The borrower can also transfer a home loan from another bank to IndusInd in order to avail the advantage of a low rate of interest.

• Top-Up Loans: Here, the borrower can take additional credit on an existing Loan.

Eligibility Criteria

Salaried Employees

• Individuals who are employed permanently with PSUs, Government undertakings, MNCs, listed public limited companies, or any renowned private limited companies are eligible to apply for IndusInd loan against property.

• Minimum age of applicant: 21 years

• Maximum age of the applicant: Should be lower than the retirement age during the maturity of the loan.

• Minimum income: Rs. 30,000 per month (gross income).

• The minimum experience required is three years.

Self-Employed Professionals

• Chartered accountants, doctors, cost accountants, engineers, architects, company secretaries, and chartered financial analysts are eligible to apply for IndusInd loan against property.

• Minimum age of the borrower: 21 Years

• Maximum age of the borrower: Should be lower than 70 years.

Documents Required for IndusInd Loan Against Property

For Self-Employed

• A filled in loan application form

• Two passport size photographs

• ITR for the last two years

• Identity proof(any of the following IDs): Passport/ driving license/ voter ID/ PAN

• Residence proof: Leave and license/registered rent agreement/ utility bill (up to three months old), passport.

• Business proofs: VAT/ service tax registration, incorporation details, company address proof, P & L (Profit and Loss) account, balance sheets certified by CA, copy of partnership deed, and proof of business existence.

For Salaried Employees

• A filled in loan application form

• Two passport size photos

• ITR of the last one year

• Identity proof: Passport/driving license/voter ID/PAN

• Residential address proof: Leave and license/registered rent agreement/utility bill (up to three months old)/passport.

• Income documents: Six months’ payslips, two years’ Form-16, 6 months’ bank statements reflecting monthly salary credit (and EMI debit if any).

Property Documents

• Registered sale deed/lease deed

• Past sale deed records (each transaction with respect to this property since the first allotment)

• Latest house tax payment receipts

• Approved building plan from a Municipal Corporation

IndusInd Bank Mortgage Loan EMI and Interest Calculator

• The EMI calculator present on the IndusInd Bank website can be used to calculate loan EMIs. EMI is a fixed amount that a customer has to pay each month towards the repayment of the loan.

• Monthly EMIs at various rates of interest can be calculated and compared to the lowest EMI per lakh on loan.

• Loan tenure is of considerable significance, as a higher loan tenure reduces the EMI amount.

• Another factor that affects EMI is the interest rate on the loan. Higher the interest rate; higher will be the EMI. However, the cumulative interest charged will be significantly more in a longer tenure loan as compared to a short tenure loan.

• The interest rate comparison of different banks helps the customer in finding the cheapest loan.

How to Apply for IndusInd Loan Against Property

In the era of digitalization, people prefer everything digital, and to meet this demand of customers, Induslnd has an online portal where customers apply for a mortgage loan. An online application form is present on the website where the details need to be filled in, and then a call is made from the bank to take it further.

If the customer isn't familiar with the online process, then he/she can visit the nearest Induslnd Bank branch during business hours to apply for the loan. If any assistance is required related to the loan, the bank will provide the necessary help, as it has an efficient customer service team. Customers can also resolve their queries first by calling the customer care number of IndusInd Bank.

FAQs

What is the maximum loan tenure that one can opt under IndusInd Bank loan against property?

The bank offers a long tenure of 15 years to repay a loan, with the benefit of paying less EMI per month.

Do I get tax benefits on loan against property from IndusInd Bank? 

No, there are no benefits in taxation available for loan against property.